Sysco 2009 Annual Report Download - page 16

2009 2008 2007 2006 2005 2004
Results of Operations
Sales $ 36,853,330 $ 37,522,111 $ 35,042,075 $ 32,628,438 $ 30,281,914 $ 29,335,403
Cost of sales 29,816,999 30,327,254 28,284,603 26,337,107 24,498,200 23,661,514
Gross margins 7,036,331 7,194,857 6,757,472 6,291,331 5,783,714 5,673,889
Operating expenses 5,164,120 5,314,908 5,048,990 4,796,301 4,194,184 4,141,230
Operating income 1,872,211 1,879,949 1,708,482 1,495,030 1,589,530 1,532,659
Interest expense 116,322 111,541 105,002 109,100 75,000 69,880
Other income, net (14,945) (22,930) (17,735) (9,016) (10,906) (12,365)
Earnings before income taxes 1,770,834 1,791,338 1,621,215 1,394,946 1,525,436 1,475,144
Income taxes 714,886 685,187 620,139 548,906 563,979 567,930
Earnings before cumulative
effect of accounting change 1,055,948 1,106,151 1,001,076 846,040 961,457 907,214
Cumulative effect of
accounting change – – – 9,285 – –
Net earnings $ 1,055,948 $ 1,106,151 $ 1,001,076 $ 855,325 $ 961,457 $ 907,214
Effective income tax rate 40.37% 38.25% 38.25% 39.35% 36.97% 38.50%
Per Common Share Data(1)
Diluted earnings per share:
Earnings before
accounting change $ 1.77 $ 1.81 $ 1.60 $ 1.35 $ 1.47 $ 1.37
Cumulative effect of
accounting change – – – 0.01 – –
Net earnings 1.77 1.81 1.60 1.36 1.47 1.37
Dividends declared 0.94 0.85 0.74 0.66 0.58 0.50
Shareholders’ equity 5.85 5.68 5.36 4.93 4.39 4.03
Diluted average shares outstanding 596,069,204 610,970,783 626,366,798 628,800,647 653,157,117 661,919,234
Performance Measurements
Pretax return on sales 4.81% 4.77% 4.63% 4.28% 5.04% 5.03%
Return on average
shareholders’ equity 31% 33% 31% 30% 35% 39%
Return on invested capital
(equity plus long-term debt) 19% 21% 20% 19% 23% 25%
Financial Position
Current ratio 1.67 1.48 1.37 1.36 1.16 1.23
Working capital $ 2,120,525 $ 1,675,690 $ 1,260,457 $ 1,173,291 $ 544,216 $ 724,777
Other assets 1,966,740 2,017,470 2,122,152 2,127,431 1,997,815 1,829,412
Plant and equipment (net) 2,979,200 2,889,790 2,721,233 2,464,900 2,268,301 2,166,809
Total assets 10,216,619 10,082,293 9,518,931 8,992,025 8,267,902 7,847,632
Long-term debt 2,467,486 1,975,435 1,758,227 1,627,127 956,177 1,231,493
Shareholders’ equity 3,449,702 3,408,986 3,278,400 3,052,284 2,758,839 2,564,506
Dividends declared $ 557,487 $ 513,593 $ 456,438 $ 408,264 $ 368,792 $ 321,353
Capital expenditures 464,561 515,963 603,242 513,934 390,026 530,086
Number of employees 47,000 50,000 50,900 49,600 47,500 47,800
Shareholder Data
Closing price of common share
at year end(1) $ 22.98 $ 28.22 $ 32.99 $ 30.56 $ 36.25 $ 34.80
Price/earnings ratio at
year end – diluted(1) 13 16 21 23 25 25
Market price per common share –
high/low(1) $ 35–19 $ 36–26 $ 37–27 $ 37–29 $ 38–29 $ 41–29
Number of shareholders of record
at year end 12,564 13,015 13,557 14,282 15,083 15,337
Our financial results are impacted by accounting changes and the adoption of various accounting standards. Information regarding these changes is available in our
Annual Reports on Form 10-K for fiscal 2009 and previous years.
(1)The data presented reflects the 2-for-1 stock split on December 15, 2000.
(Dollars in thousands
except for per share data)
Eleven-Year Summary of Operations and Related Information
14